• Monday, December 11, 2023
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The Lofts offers mid-income buyers luxury at affordable price


 From the standpoint of its prime location, size and state-of-the-art facilities, the developers and promoters of The Lofts Estate say what they are offering prospective buyers is luxury at affordable price.

The Lofts, a joint venture project by Estate Links Limited and Capital Corp Limited, is a mini-community of 24 housing units on one-storey buildings, comprising five-bedroom semi-detached houses.

The ground floor of each house contains the living/dining area, three-bedrooms (all en suite) and a kitchen, while the upper floor consists of two-bedrooms (both en suite) and one of these is a master bedroom with closet space and a balcony.

The estate, according to the developers, is their response to an identified gap in the mid-income segment of the housing market, largely under-served by housing providers.

Sitting on two acres of land, the estate is located before the Lagos Business School on the Lekki-Epe Expressway, Lagos, in a secured environment.

“We found out that people want a secured estate and this was why we bought within Diamond Estate’s site and services scheme; so, what we are doing is an estate inside an estate which is why the fences there are just one metre high,” Gbenga Olaniyan, Estate Links’ CEO, told BusinessDay in an interview.

“We are making the units functional. We realised that many people don’t use bathtubs and so we have put showers; we are offering low prices at N26 million per unit, given the location, and we were able to achieve this through our cost-cutting measures; we conducted a study on where best to get our building materials and other inputs,” he said.

According to Olaniyan, the estate has high profile neighbourhood including Crown Estate, Peace Garden Estate (By Chevron Credit Union), Lagos NTDA HOMS (Home Ownership Mortgage Scheme), Pearl Nuga Estate, Legacy’s The Heritage Place, Fountain Springville Estate developed by HFP

“Facilities within the estate include paved roads, gym/swimming pool, a clubhouse and recreation area and a private nursery and primary school,” he said, disclosing that over 50 percent of the units have been sold out, while 10 buyers are already processing their mortgages with IBTC Bank.

Buyers are assured that the estate has valid documents, and a Certificate of Occupancy issued by Lagos State government to Alliance Mortgage Consortium Limited with an un-expired term of 82 years covering the entire estate.

A Deed of Assignment, he added, would be issued directly through Alliance Mortgage to each individual buyer upon final payment for each unit.

Estatelinks, he informed, is a firm of International Real Estate Consultants with its niche in foreign real estate investment, construction and real estate finance consultancy, CapitalCorp is an investment company with interests in diverse sectors comprising financial services, energy and power, construction and real estate.

Olaniyan assured further that in the next couple of months, The Lofts shall have been delivered and sold out, hoping that they would be embarking on another project soon after.

“We hope that by the end of May, we shall have delivered and sold completely. We are still looking for another location. We might step up a bit because we are considering somewhere near Chevron, which will mean we will be developing for a slightly higher market where we will be developing property that will be selling for about N45 million,” he said.